OPEC revises down global oil demand forecast

Economy | Markets 10/11/2018, 1:39 PM
OPEC revises down global oil demand forecast

In the latest monthly report released on Thursday, the Organization of the Petroleum Exporting Countries (OPEC) revised down global oil demand growth projection to 1.54 million barrels per day (mb/d) from 1.62 mb/d in September, with the total demand for 2018 at 98.79 mb/d. The revision followed the latest OECD Europe and Middle East data, as well as the latest developments in the economies in Latin America, the release noted.

Global oil demand growth for 2019 was revised down by 50 thousand barrels per day to 1.36 mb/d due to economic forecasts for Turkey, Brazil and Argentina. Consequently, the demand for 2019 was seen at 100.15 mb/d, lower than 100.23 mb/d from the previous month.

Supply coming from non-OPEC countries is expected to grow by 2.22 mb/d, with the United States, Canada, Kazakhstan and Brazil as the main contributors, according to the organization. The figure was revised up by 0.2 tb/d from September's forecast. Next year's growth was revised down by 0.03 mb/d to 2.12 mb/d, with largest decreases seen in Mexico, Norway, Indonesia and Vietnam. Total non-OPEC supply was estimated at 59.77 mb/d in 2018 and 61.89 mb/d in 2019.

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